Time Is Finally Up for Christian Lacroix

December 2, 2009 • Fashion

Christian Lacroix

Yesterday was a dark day in the fashion industry. After months of struggling to find a new buyer, bankrupt fashion house Christian Lacroix had to admit defeat. A French court has approved the restructuring plan submitted by the label's current owners, the Florida-based Falic group. The plan reduces the Lacroix team to only eleven employees, meaning the label's couture, ready-to-wear, and retail operations will all be closing down. Licensing deals will be used to pay off the label's debts, though deals remain
for some menswear, wedding dresses, scarves, and perfume.

The Ajman shiekh who was the label's most prospective buyer (and who claimed to evolve the company into a full scale lifestyles brand), failed to submit the necessary paperwork for his reported 100 million euros sale last week. After the potential buyer missed the mandatory deadlines, it seemed almost certain that the dreaded restructuring plan would be approved.

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